Peregrine Investment Management Inc. Purchases New Position in Impinj, Inc. (NASDAQ:PI)

Peregrine Investment Management Inc. purchased a new stake in Impinj, Inc. (NASDAQ:PI - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 26,000 shares of the company's stock, valued at approximately $3,777,000. Impinj makes up 2.2% of Peregrine Investment Management Inc.'s investment portfolio, making the stock its 23rd largest holding. Peregrine Investment Management Inc. owned 0.09% of Impinj at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC grew its holdings in Impinj by 1.5% during the 3rd quarter. FMR LLC now owns 4,217,403 shares of the company's stock worth $913,152,000 after acquiring an additional 60,461 shares during the period. State Street Corp grew its holdings in shares of Impinj by 25.7% in the 3rd quarter. State Street Corp now owns 1,078,676 shares of the company's stock valued at $233,555,000 after buying an additional 220,776 shares during the period. Geode Capital Management LLC grew its holdings in shares of Impinj by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 542,924 shares of the company's stock valued at $117,576,000 after buying an additional 7,676 shares during the period. Jennison Associates LLC grew its holdings in shares of Impinj by 15.0% in the 3rd quarter. Jennison Associates LLC now owns 239,140 shares of the company's stock valued at $51,779,000 after buying an additional 31,269 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Impinj by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 193,240 shares of the company's stock valued at $41,840,000 after buying an additional 6,232 shares during the period.

Insider Activity

In other news, insider Cathal G. Phelan sold 210 shares of the company's stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total value of $30,672.60. Following the sale, the insider now directly owns 6,979 shares of the company's stock, valued at approximately $1,019,352.74. This represents a 2.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Jeffrey Dossett sold 580 shares of the company's stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total transaction of $84,714.80. Following the completion of the sale, the executive now directly owns 66,180 shares in the company, valued at approximately $9,666,250.80. The trade was a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,466 shares of company stock valued at $789,298. 51.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Piper Sandler decreased their price target on shares of Impinj from $235.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Cantor Fitzgerald cut their price objective on shares of Impinj from $260.00 to $133.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Needham & Company LLC cut their price objective on shares of Impinj from $182.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, February 6th. Lake Street Capital boosted their price objective on shares of Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group cut their price objective on shares of Impinj from $200.00 to $132.00 and set a "neutral" rating on the stock in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $180.10.

Impinj Price Performance

NASDAQ:PI traded down $2.47 on Wednesday, hitting $103.11. 365,885 shares of the company's stock were exchanged, compared to its average volume of 792,437. The firm has a 50-day moving average price of $136.51 and a 200-day moving average price of $170.08. Impinj, Inc. has a 52 week low of $97.77 and a 52 week high of $239.88. The company has a market cap of $2.94 billion, a P/E ratio of 75.82 and a beta of 1.88.

Impinj (NASDAQ:PI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. On average, research analysts expect that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Impinj Company Profile

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.